Toyota sells nearly 11 million cars in 2024, keeping lead over Volkswagen
Toyota Motor remained the world’s top-selling carmaker in 2024, delivering 10.8 million vehicles despite a 3.7% decline in global sales, the company reported Thursday.
The Japanese carmaker extended its lead over second-ranked Volkswagen Group, which sold just over 9 million vehicles, marking a 2.3% drop, reports Reuters.
Toyota’s sales dip was driven by challenges in its home market, where governance issues related to certification testing procedures—particularly at its Daihatsu subsidiary—contributed to a steep domestic decline. However, strong demand for hybrid vehicles, particularly in the United States, helped offset losses elsewhere.
Shifting Market Trends and Competition
The company’s parent-only sales, including the Toyota and Lexus brands, fell 1.4% to 10.2 million units. Hybrid vehicles accounted for a record 40.8% of these sales, highlighting the growing consumer preference for fuel-efficient models amid fluctuating fuel prices and tightening emissions regulations.
Toyota also faced headwinds in China, where unit sales dropped 6.9% due to intense price competition. The country remains the world’s largest auto market, and carmakers like Volkswagen and Tesla have engaged in aggressive price cuts to maintain market share.
Toyota’s battery electric vehicle (BEV) sales accounted for just 1.4% of its total, underscoring the company’s continued focus on hybrids over fully electric models.
Despite short-term sales setbacks, Toyota’s leadership in hybrids positions it well as global markets transition toward electrification at varying speeds. With regulatory pressures mounting and competition intensifying, Toyota may need to accelerate its BEV strategy to stay competitive, particularly in markets like China where EV adoption is surging.
Reminder, Hyundai Motor Group has unveiled plans to increase its domestic investment by 19% this year, aiming to reach a record 24.3 trillion won ($16.65 billion).
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